Category: Breaking Corporate India Earnings News

Jet Airways India has announced that Jet Airways’ frequent flyer programme – Jet Privilege in its constant endeavor to offer enhanced opportunities to earn and redeem JP miles, has now partnered with the world’s leading publications TIME and FORTUNE magazines.

With this, members can earn Jet Privilege (JPMiles) only when they subscribe online either through the company’s website or through the website of TIME www.time.com/jetairways. Similarly, members can earn JPMiles by subscribing online either through the company’s website or through the website of FORTUNE magazine www.fortune.com/jetairways. Members can earn up to 1000 JPMiles for a 3 years subscription on these magazines.

Jet Privilege programme chose to partner with these two premium publications TIME and FORTUNE, keeping in mind its member profile and the preference of these two brands amongst its membership base.

TIME is the world’s leading newsweekly and is trusted by millions of readers for its insightful and reliable reporting on world politics, business, finance, technology, education and more. FORTUNE keeps readers abreast of the latest management thinking, changing technology at workplace, benefit from the experience across a diverse range of industries and gain valuable investment advice to increase one’s wealth.

Mukesh Ambani-promoted Reliance Industries (RIL), which is India’s most valuable firm, shot up to Rs 2277.50. This is an all-time high.

The mid-cap construction firm Reliance Industrial Infrastructure (RIIL) was locked at upper limit of 10% at Rs 1043.10, which is a record high for the counter.

Reliance Petroleum (RPL), which is wholly-owned subsidiary of RIL, soared 12.89% to Rs 156.75. The stock hit a intra-day high of Rs 158.80, all-time high for the counter

Anil Ambani-controlled gas trading firm Reliance Natural Resources (RNRL) surged 34% to Rs 76.10. The stock hit a intra-day high of Rs 79.20, an all-time high.

Large cap financial services firm Reliance Capital (RCL) flared up 3.05% to Rs 1558. The stock hit a intra-day high of Rs 1574, which is a record high for the counter

India’s second largest power generation firm by sales Reliance Energy (REL) moved up 3.17% to Rs 1019.05. The stock hit a intra-day high of Rs 1033, an all-time high.

India’s second biggest listed telecom services provider by sales Reliance Communication jumped to Rs 580.50.

Simplex Infra has bagged various contracts in four different segments i.e. industrial structures – Rs 452 crore, urban utilities Rs 178 crore, piling Rs 112 crore and marine structures Rs 60 crore, aggregating Rs 802 crore, both in India and abroad.

At the current price of Rs 414.95, the scrip trades at a PE multiple of 22.67, based on Q1 June 2007 annualised EPS of Rs 18.30. Simplex Infrastructures net profit rose 89% to Rs 19.69 crore on 68.9% rise in sales to Rs 594.43 crore in Q1 June 2007 over Q1 June 2006.

Petron Engineering’s net profit rose 97.4% to Rs 2.29 crore on 15.8% rise in sales to Rs 63.51 crore in Q1 June 2007 over Q1 June 2006. The company declared the results after market hours yesterday (20 September 2007).

Petron Engineering Construction provides engineering and construction services for refineries, chemicals, cement, fertilisers, power and other industrial plants.

Punj Lloyd had informed the Bombay Stock Exchange (BSE) that it has now entered into a shareholders’ agreement with Pipavav Shipyard (PSL) and acquired 12.94 crore shares at Rs 27, aggregating to Rs 349.28 crore. It constitutes 28.8% of the present paid-up share capital of PSL and 25.6% of the diluted paid-up capital.

As per reports, New York Life, 2i Capital and Trikona Capital have infused $25 million each in PSL. The company has now roped in US-based Citadel and is in final talks with AIG for $25 million each, to take the total pre-IPO private equity investments to $125 million.

PSL is lining up Rs 800 crore initial public offering (IPO) in the next 2-3 months. PSL will sell around 10% stake in the IPO. Post IPO, its paid-capital is expected to be around Rs 500 crore. IDBI, IL&FS and Exim will hold around 12% each in PSL. It is expected that Punj Lloyd may be looking at significant value unlocking through PSL.

Educomp Solutions has acquired 70.05% equity in Savvica Inc. based out of Toronto, Canada, Savicca is a leading e-learning company focused on web based learning management and education communities. Savicca own a next generation platform for rapid creation and deployment of scaleble education communities.

The company’s investment in savicca is to leverage its internet based competencies in the areas of community building, online tutoring, web based learning, and digital content.

The board of SREI Infrastructure Finance has proposed a preferential issue up to 250,00,000 warrants to promoter group, which on conversion will increase their holding to over 35% from the existing level of 20%. Further, the board has decided to convene extraordinary general meeting on 15 October 2007.

The report suggested Maruti Suzuki India will set up a 100-acre auto component park for its suppliers at Manesar, Delhi. The Foreign Investment Promotion board would soon take up the proposal of a Rs 182.16 crore joint venture between Futuba Industrial Company and Maruti Suzuki, it added.

Reportedly, Maruti will hold a 49% stake in the joint venture. This will be Futuba’s first project outside Japan.

Meanwhile, the Registrar of Companies has approved the name change of Maruti Udyog to Maruti Suzuki India with effect from 17 September 2007. The Suzuki tag will help Maruti in global markets when the company launches a models for export.